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Creating LLC

Discussion in 'Business Fundamentals' started by rbmarvin77, Nov 23, 2011.

  1. Hello Everyone!
    New guy here...Long story short! Got plow, Got plow mounted on Truck. Got concerned with loosing everything I own and what one mistake would cost me if I had an incident so I will have GL insurance within the week, along with Commercial Vehicle Insurance and Attachment insurance for the plow. Money is getting pretty tight with all the expenses.

    Because of this I was considering using an on-line service for creating the LLC. Now I know alot will say you need an attorney and it is my intention to get that going as soon as financially possible but I would like to at least get the LLC started and then follow up with an attorney in the weeks to come as the season is about to get started.

    I've seen several on-line services that will get the paperwork filed for a nominal fee ($80-$150) I'm thinking this is at least a start due to financial issues. Anyone have any suggestions? Any specific website that does this better then others?
  2. White Gardens

    White Gardens 2000 Club Member
    Messages: 2,665

    Do you really need an LLC?

    I'm in my 6th year, and for the ease of taxes, the fact I don't but a few assets, my CPA has kept me as a Sole Proprietor and just makes sure my GL is covering me.

    In a nutshell, if your assets exceed the value of your GL, then I would consider an LLC, or at least uping your GL coverage.

    Otherwise, just go do a DBA at your local county clerks office and call it good.

    Talk to a CPA first and evaluate your situation, then maybe a lawyer if you feel you need to. At least get your situation figured out before spending the money on a LLC that you potentially might not need.

  3. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Def,call a lawyer,pay a consulting fee with them and get the right info. The more space between your personal and business the better.
  4. mpgall26

    mpgall26 Senior Member
    Messages: 228

  5. CoastalSnow&Ice

    CoastalSnow&Ice Junior Member
    Messages: 24

  6. Thanks MPgall26 that will help atleast get it started...I will surely do the lawyer thing but I need a few more weeks before I get the $$$ together for that.
  7. madskier1986

    madskier1986 Senior Member
    Messages: 111

    You don't need a lawyer to file for a llc. Legal zoom wants like 99 dollars but all it take is a few minutes of your time. Fill out this PDF http://www.dleg.state.mi.us/bcsc/forms/corp/llc/700.pdf
    and mail it to the state with your check for 50 bucks. Though, you should check to see if your company name is available.

    You know your lawyer would just make you fill it out and file it for you.

  8. Mass-hole

    Mass-hole Member
    from Boston
    Messages: 35

    Your message does not make clear why your are interested in an LLC. However, I'm going to assume it's for liability purposes. If so, you're going to need to make sure to retitle your truck so that the LLC is the owner, otherwise, any claims would come straight back to you as an individual due to your ownership of the truck.

    Also, fill out the state's form, you don't need a lawyer for this.
  9. mpriester

    mpriester Senior Member
    Messages: 394

    have a consultation with an attorney. i did and getting an llc may not help you unless you have employees. being a sole proprieter you are responsible for any incidents that come up regardless. mine advised me unless i was need an llc for tax purposes to stay as i am and carry insurance.
  10. contractor078

    contractor078 Senior Member
    Messages: 232

    i have to second this one. i used them and it was great they did all the paper work and filed everything cost me like 200 bucks but i am all good to go now and no worries. my CPA said it was the perfect move to keep things separate with out paying a ton of money.
  11. Thanks Everyone for all the input. The LLC is officially done. Next step FEIN # any input on that would be nice. Website address for state of MI or Federal? Again thanks for all the responses!
  12. mpgall26

    mpgall26 Senior Member
    Messages: 228